XMR’s recent price jump appears more closely tied to the laundering of $330 million in stolen Bitcoin through exchanges than to any major adoption or technology developments.
The price of Monero (XMR) unexpectedly surged on Monday, jumping over 50% from $228 to $347, before retracing to $295. While some initially speculated that the increase was tied to positive developments in the privacy coin’s adoption or technology, new evidence suggests the spike may actually be linked to a large money laundering operation.
A suspicious transaction involving 3,520 Bitcoin (BTC), valued at approximately $330 million, was flagged by pseudonymous blockchain sleuth ZachXBT, who revealed in an X post on Monday that the stolen funds were quickly laundered through multiple crypto exchanges, with XMR being one of the key assets involved.
Monero’s price spike follows the laundering of the stolen funds through six or more crypto exchanges, a process that might have driven up demand for XMR, albeit temporarily. The timing of the price surge aligns closely with the movement of the stolen Bitcoin, suggesting a direct link.
While some mistakenly linked the price surge to Monero’s proposed upgrade that could make it more compliance-friendly, the rally quickly faded after the money laundering news surfaced, raising doubts about the jump’s sustainability.
Although it remains unclear who is behind the laundering scheme, ZachXBT suggested it’s not linked to North Korean hackers, adding that the funds were seemingly stolen from “an OG bitcoiner who got rekt.”
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